| Assessing Key Variables That Affect Iron Ore Prices | |
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Iron Ore Market Sustains Another Blow on Chinese Data Iron ore price performance
After touching a decade low of $47.08 per ton in April, iron ore prices rallied close to 30% in May to reach a peak of $63 per ton on May 13. However, after that, they started a downward march once again. In this series, we’ll discuss the reasons for this decline in detail.
Iron ore indicators
In our last series on iron ore indicators , we analyzed how factors ranging from cutbacks in production, weaker iron ore exports, and falling iron ore inventories had led to a brief rally in iron ore prices.
In this series, we’ll discuss how the recent data releases from China impact iron ore prices as well as iron ore companies’ revenues, margins, and stock prices. These companies include BHP Billiton (BHP) (BLT), Rio Tinto (RIO), Vale (VALE), and Cliffs Natural Resources (CLF).
We’ll discuss a few indicators related to China’s demand for iron ore, including its property sector indicators, auto sales, credit growth, and its manufacturing PMI (purchasing managers’ index). This will help investors understand the direction that iron ore prices will be taking.
Get a holistic view
Most of these indicators are published monthly. Other indicators are reported weekly or quarterly. Regardless, these indicators should be looked at collectively. They give investors clues about the future direction of iron ore prices. BHP Billiton, Rio Tinto, and Vale form 31.4% of the iShares MSCI Global Metals & Mining Producers ETF (PICK). Some of these companies are also part of the SPDR S&P Metals and Mining ETF (XME).
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Vale Inco is a nickel and copper producing company based in Brazil. Vale Inco produces nickel, copper, gold, palladium and platinum in Canada, and holds various exploration projects in Australia, in Brazil, in Canada, in Indonesia, in New Caledonia, in Peru and in Turkey. Its main assets in production are MCCREEDY WEST MINE and VICTORIA - INCO in Canada and its main exploration properties are EAGLE CREEK, MEL PROJECT, B20, SHEBANDOWAN - BAND-ORE and GARSON MINE in Canada and BIG FOUR HERON - GOONGARRIE, GOONGARRIE HILL - GOONGARRIE, GOONGARRIE SOUTH - GOONGARRIE, HIGHWAY - GOONGARRIE, SCOTIA - GOONGARRIE, BORDER DOWNS and TOBY PROPERTY in Australia. |